COUNTY SALES AND USE TAX -

Summary

Shall a special one percent sales and use tax be imposed in Saluda County for not more than eight (8) years, beginning on the May 1, 2019, to raise the revenues which will be applied to pay directly the cost of or to pay debt service on bonds issued to defray the cost of certain capital improvements set forth below for the County and shall the County be empowered to issue, either at one time as a single issue or from time to time as several separate issues, general obligation bonds of the County in the aggregate principal amount not to exceed $9,400,000, to be repayable solely from the sales tax or other available sources, the proceeds of which shall be used to defray the costs of the capital improvement needs of the County, including specifically the following purposes, listed in order of priority with estimated cost: Projects: 1. Saluda County Library (Saluda County) - $125,000 2. Saluda County Animal Shelter (Saluda County) - $125,000 3. Ridge Spring Downtown Revitalization and Economic Development (Town of Ridge Spring) - $175,000 4. Reconstruction of Bathrooms at Brooks Royston Park (Saluda Recreation District) - $50,000 5. Saluda County Detention Center (Saluda County) - $8,434,304 CONDITIONS AND RESTRICTIONS ON THE USE OF THE SALES AND USE TAX REVENUE COLLECTED UNDER THE CAPITAL PROJECTS SALES TAX ACT: The capital projects sales and use tax shall be used and expended for procurement, design, engineering, construction or improvement or similar type uses of the projects listed above. Net proceeds of the sales and use tax must be expended for the purposes stated, with some of the projects listed above expected to be funded simultaneously. The completion of the above projects funded by the sales and use tax is subject to acquisition of property and right-of-way, design and engineering considerations. Funding of projects from other sources, bids in excess of project estimates, qualifications of bidders, cost overruns, financing costs, exhaustion of net sales and use tax revenues prior to the completion of the projects stated above and other unforeseen circumstances and conditions, which, if any of these circumstances are encountered, the County Council reserves the right to make adjustments to the priority of the projects as originally submitted by the Capital Project Sales Tax Commission.